French champions Paris Saint Germain and newly crowned Premier League winners Manchester City have been handed fines of 60 million euros each, and had their squad sizes reduced for next seasons Champions League.
Both mega-rich clubs have been found to have broken new rules introduced by UEFA to control and stabilise the finances of football clubs.
Qatari owned PSG and Man City bankrolled by Sheikh Mansour have agreed to limit transfer spending over the next two seasons.
Both clubs will get 40 million euros back if they stick to the agreements made with UEFA.
Manchester City say they only reluctantly agreed a deal with UEFA and looked determined to take their case, ultimately, to the Court of Arbitration for Sport
However, with the prospect of being banned for next season’s Champions League the club decided to drop all legal avenues.
UEFA has handed less severe fines to Galatasaray and Zenit St Petersburg.
Bursaspor and Trabzonspor from Turkey and Russian sides Rubin Kazan and Anzhi Makhachkala along with Bulgarian team Levski Sofia were also punished.